A new study conducted by the Julius Baer Group, a Swiss private bank, has found that the last seven years of devastating economic downfall have seen Greek households lose a net total of 170 billion euros.
Julius Baer researchers first compiled the financial assets and properties of all European households. They subtracted their debts, producing a final estimate of their wealth.
The research shows that private wealth in Europe reached its highest level ever in 2013, amounting to 56 trillion euros. This figure was 17% higher than 2012 levels.
Lurking beneath this general image of prosperity, however, are vast variations between different countries. The Germans, for example, grew richer by two trillion euros in comparison to pre-crisis levels; total Swiss holds increased by one trillion euros. Yet in countries in the Mediterranean region – Spain and Greece especially – private wealth deteriorated dramatically.
In total, Greek wealth has fallen by 23% since its 2007 levels. Greek households have lost a total of 170 billion euros since the beginning of the crisis. During that same period, Spanish households have lost a net 28% of their total wealth.